Economic conference “Russia and the World in 2018”

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A conference on Russia organised by the Monaco Economic Board (MEB) with support from the Julius Baer bank attracted 100 business men and women keen to find out what potential there was for their business.

In the presence of H. E. Mrs Mireille Pettiti, Monaco Ambassador to Russia, Igor Yurgens, Monaco’s Consul in Moscow and Vice-President of RSPP (Russian Union of Industrialists and Entrepreneurs) gave a comprehensive overview of the business climate in Russia. He was followed by Evgeny Potapov who introduced Business Russia, a body of which he is a member that actively works to promote a business-friendly environment.

Held on 9 February, it was an excellent opportunity for business leaders to update their knowledge on Russia and its potential.

According to Igor Yurgens, the country is at a turning point in its economic development. A modest recovery has been underway since end of 2016, with the rise in oil prices boosting confidence and domestic demand. The real challenge now is to ramp-up the growth rate, and for that to happen an increase in productivity and structural reforms are required. The country needs to continue initiatives to improve the business and investment climate and encourage competition. Clearly, most of the questions from the audience of professionals working in finance, international trade, real estate and the environment related to the medium and long-term prospects.

In her opening introduction, H.E. Mrs Mireille Pettiti recalled how exchanges between Monaco and Russia have increased, particularly actions taken by the Monaco Embassy since her appointment in 2015. To maintain the momentum, the Ambassador reassured companies of its intention “to continue our efforts in Moscow”, while proposing “for the future, similar initiatives in St Petersburg and Rostov”.

“Russia is the country with which the MEB has organised the most initiatives, since 2013 after the first Official Visit by HSH the Sovereign Prince.”

Michel Dotta also recalled the cooperation agreements signed in 2015 between MEB and its Russian counterparts the RSPP, Business Russia and Russian Chamber of Commerce and Industry, three major business entities, concluding that

“Monaco now has all the representatives required in place to develop these business relationships with Russia for the long-term.”